At 30th June 2023, the Company had contingent liabilities amounting to a total of £1,126,512, as follows:
- Due to Tectonic Interactive Limited, under the terms of a software development agreement dated 20th July 2021:£52,919 of deferred fees when a broadcaster contract has been executed and the final funding round has been completed.£904,843 of deferred fees, when the Preference Shares have been redeemed in full and all cumulative preference dividends have been paid.
- £168,750 of deferred directors’ fees for 27 months to 30th June 2023, due for payment when the Preference Shares have been redeemed in full and all cumulative preference dividends have been paid.
Although the amounts of these contingent liabilities can be calculated with certainty, there can be no certainty that these amounts will ever become payable.